10 things you need to know on Tadawul today

Here are a few things you need to know as Saudi stocks start trading on Wednesday.

1) The Saudi cabinet has approved regulations to support low and middle income nationals under the Citizen Account Program, which aims to offset the impact of the Kingdom’s austerity measures, according to a statement on the official Saudi Press Agency (SPA).

2) Saudi Electricity Co. (SEC) said it does not expect any significant impact on company’s revenues or operating costs from the recent government announcement on power tariff revision from Jan. 1.

3) Filling and Packing Materials Manufacturing Co. (FIPCO) shareholders have approved the board’s recommendation to withhold cash dividends for 2017 in order to finance expansion plans.

4) Al Tayyar Travel Group Holding Co. (AL TAYYAR) said its board has approved a strategic transformation plan that is aimed at improving the efficiency of the company's business and enhancing the value of its shareholders in the long term.

5) Dar Al-Arkan Real Estate Development Co. (Dar Al-Arkan) has launched its international business with an AED 800 million (SAR 816.9 mln) project in downtown Dubai.

6) Saudi Arabia’s Capital Market Authority (CMA) has imposed a SAR 50,000 fine on the Company for Cooperative Insurance (Tawuniya) and a SAR 100,000 fine on MetLife AIG ANB Cooperative Insurance Company for violating the Companies Law.

7) Saudi Arabia’s Capital Market Authority (CMA) has approved Al Nefaie Investment Group's request to offer, register, and list units of the Al Nefaie - Umm Alqura REIT Fund on the Saudi Stock Exchange (Tadawul).

8) Saudi Automotive Services Co. (SASCO) has renewed and amended a bank facility agreement with the Saudi British Bank (SABB), with short-term credit financing increased by SAR 50 million, the company said in a bourse statement.

9) The initial public offering (IPO) of Al Masha’ar Real Estate Investment Traded Fund (Al Masha’ar REIT) is 100 percent complete, Muscat Capital said in a statement.

10) Oil prices recovered on Wednesday after settling lower in the previous session. Brent crude was last trading up 0.9 percent at $63.91/bbl, while WTI crude rose 0.6 percent to $57.46/bbl.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com